Thinking about converting inherited IRA to Gold – anyone else done this?

Thomas Walker

Back to forum

🪙 Gold Coins

Thinking about converting inherited IRA to Gold – anyone else done this?

thomas_walker🏆Advanced (250-500k)

about 2 months ago

Key Takeaways

•Hey everyone, been lurking here for a bit and finally decided to post.
•I'm sitting on an inherited IRA, roughly $350k, from my late father.
•He was always super conservative with his money, which honestly rubbed off on me, especially after my 20 years in the Navy.

The 3-step rollover process explained

Hey everyone, been lurking here for a bit and finally decided to post. I'm sitting on an inherited IRA, roughly $350k, from my late father. He was always super conservative with his money, which honestly rubbed off on me, especially after my 20 years in the Navy. Now that I’m retired and settled down here in San Diego, that feeling of financial security is even more important to me. I’ve been looking into rolling that inherited IRA into a Gold IRA, thinking of putting a pretty substantial portion, maybe 40-50%, into physical gold coins.

My main concern is the current economic climate – inflation just feels like it's eating away at everything, and the dollar isn't looking as strong as it used to. My dad always said to have a backup plan, and gold feels like that ultimate bedrock. I'm not looking to get rich quick, just protect what's there and maybe see some modest growth over the long haul. I played around with the Gold IRA Calculator over at goldirablueprint.com a few times to get a rough idea of what that chunk of gold might look like down the line, and it's definitely food for thought. It's helpful to visualize the potential, even if it's just an estimate.

Has anyone here gone through the process of converting an inherited IRA specifically into a Gold IRA? I know the rules can be a bit different compared to a regular contribution or roll-over from a 401k. Were there any unexpected hurdles or things I should be extra careful about? I'm trying to wrap my head around the tax implications and custodian selection. Any advice on reputable custodians who are good with inherited IRAs and physical gold? I’m leaning towards American Gold Eagles or Canadian Gold Maples for the coins.

Also, for those of you who have made that move, how do you feel about it now? Are you sleeping better at night knowing a portion of your retirement is in something tangible? I'm really looking for some firsthand experiences, good or bad, to help me make an informed decision here. Thanks in advance for any insights!

198

5 comments

12,000+ investors requested this guide last month

Find out why retirees are moving savings into gold. Free kit, no obligation.

Under $100k? Compare options →

678 people viewed this today90 members requested a free kit this week135 investors bookmarked this

Best Answer▲ 9 upvotes

joseph_harris📊Growing (50-100k)

Hey, that's a decent chunk of change to be working with, congrats on the retirement. While gold can be a good hedge, have you looked into the tax implications of converting an inherited IRA into a gold IRA? It's not always as straightforward as it seems, especially with potential RMDs and the "in-kind" rules for physical metals. Just something to consider before making a big move like that.

Comments (5)

carol_carter💰Established (100-250k)Real Investor•about 2 months ago

Totally get where you're coming from here. Not an inherited IRA for me, but a significant chunk of a 401k rollover I'd been sitting on for years. Faced a similar dilemma after seeing the market do its thing. Decided to pull the trigger and convert a good portion of it to a Gold IRA about 18 months ago. Best decision I made for my peace of mind, honestly. It's a whole different ballgame, but felt right for my risk tolerance.

carol_carter💰Established (100-250k)Real Investor•about 2 months ago

Interesting! What kind of 'alternative investments' is your inherited IRA currently holding? Is it all in traditional stocks and bonds, or are there already some more unconventional things in there?

joseph_harris📊Growing (50-100k)•about 2 months ago

gary_stewart📊Growing (50-100k)•about 2 months ago

Hey there! Sounds like a smart move to look into diversifying. With that kind of inherited IRA, one thing to definitely consider is the specific type of IRA it is (traditional vs. Roth) before you do anything. That can have a pretty big impact on the tax implications of converting to a Gold IRA for your distributions.

You might find this guide on inherited IRAs and gold conversions helpful. It breaks down some of the nuances based on the IRA type: https://www.investopedia.com/articles/personal-finance/092315/how-rollover-inherited-ira-gold.asp

charles_lewis💎Premium (500k-1m)Real Investor•about 2 months ago

Totally agree with this! My grandma did something similar with her inherited IRA from my grandpa – not gold, but she diversified a good chunk into some less volatile assets. She'd seen too many market crashes to feel comfortable having it all in stocks. It gave her huge peace of mind. Sounds like a smart move for you too, especially with your background!

Considering a Gold IRA for your retirement?

Get a free info kit from a top-rated company — trusted by thousands of investors.

Under $100k? Compare options →